Buy Bitcoin with a Debit Card

Buy Bitcoin with a Debit Card

Even though Bitcoin is now regarded as a serious investment and accepted as a method of payment by a wide range of businesses, cryptocurrency users still face some hurdles when it comes to acquiring Bitcoins. This is especially the case for those who want to buy Bitcoins instantly without having to leave their home or office.

Most Bitcoin exchanges accept a wide range of payment options, but credit and debit cards are usually excluded. The main reason behind this limitation is that cryptocurrency transactions are irreversible and anonymous, which makes exchanges a huge target for fraudsters looking to “cash out” stolen credit card numbers.

Another issue that Bitcoin exchanges face is that it’s quite difficult for a business in the cryptocurrency industry to obtain a merchant account that allows them to process credit card payments and many third-party payment processing services specifically forbid the use of their services to sell virtual currencies. Despite this, there are a few popular and legitimate services that let you use a debit or credit card to buy Bitcoins online.

What to Consider When Using a Credit or Debit Card to Buy Bitcoin Online

While there are some exchanges that allow credit/debit card purchases, the amounts you can buy tend to be lower than when using other payment methods, especially if you’re a new customer. This is done as a way to reduce the exchange’s exposure to risk. Some exchanges will raise your purchasing limits if you complete a verification procedure.

When using a credit card, be aware that some issuers treat the purchases of “cash like” items, such as Bitcoins, as a cash advance. As a result, you may be charged the usual fees associated with cash advances.

Another issue you may face is that some banks disallow the purchase of cryptocurrencies like Bitcoin with credit/debit cards. This is notably the case of Chase, Bank of America and Citi in the US. If you notice that your purchase has been declined, you can contact your bank to see if they have a policy of banning cryptocurrency purchases with their payment cards.

Coinbase lets you buy not only Bitcoin, but also Litecoin and Ethereum with Visa branded credit and debit cards. The only drawback is that the service is only available to US customers. To buy coins using a credit/debit card, you’ll first need to register the card details with Coinbase. Then two small transactions will be made, the amounts of which you’ll have to enter on the payment page to verify the card. Once this is done, you can use the verified card to make purchases.

Cryptorra

Cryptorra is a Bitcoin buyer that also offers other Bitcoin and crypto banking services like Bitcoion loans, Bitcoin wallets with secure cold storage options for high net worth investors. In addition you can use your Bitcoin debit card to fill up with a smart phone app with USD or Bitcoin at any time. Cryptorra is the first major player in the cryptocurrency lender space.

Cex.io

Cex.io is an online service that lets you buy Bitcoins and Ethereum with a credit or debit card. They’re one of the most reputable exchanges and allow you to quickly get the coins you need. However, you need to verify your account before making a purchase, which takes 2 to 3 days.

Coinmama

Coinmama is a good alternative to some of the bigger exchanges for those looking to instantly buy Bitcoins with a credit or debit card. Although their service is easy to use, their prices tend to be a bit higher. Unlike other services, they don’t provide you with a hosted wallet, so you have to enter a Bitcoin wallet address when you make your purchase.

Bitstamp

Bitstamp is a fully licensed exchange that lets individuals from many countries purchase Bitcoins with credit and debit cards. Before you can purchase your coins, you will have to complete a card verification process that confirms you own the credit card you’ve registered in your account. After that, you can make purchases of up to $5,000 per day or $20,000 per month.

Purchasing Cryptocurrencies in the Future

The websites mentioned above are the most popular and reliable online services allowing cryptocurrency purchases. As the use of cryptocurrencies like Bitcoin and Ethereum grows in the future, it’s likely that other services allowing crypto purchases with credit cards will be launched.

Cryptocurrency buyers should take note that while buying coins with a credit/debit card is quite convenient, it’s also one of the most expensive methods. Exchanges typically charge lower commissions when you use another payment method, like a bank transfer.

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